Archive for January, 2012

For the first time in its maritime history, Malta has been confirmed as the country with the largest ship register in Europe.

Following a 16 per cent increase in tonnage, the island surpassed Greece
By the end of the year, 5,830 vessels – a total of 45.6 million tonnes – were registered under the Maltese flag, Transport Minister Austin Gatt has said.

“Following a 16 per cent increase in tonnage, the island surpassed Greece for the first time. Although it’s the smallest European country, Malta has the seventh largest ship register in the world,” he said.

Dr Gatt said that during 2011, the Maltese shipping register generated over €12 million in revenue for Transport Malta alone.

This significant achievement was mainly attributed to the register’s high-service quality which attracted reputable companies, Dr Gatt added. Applicants had to pass through a rigorous selection process and not every owner who expressed interest in joining the register was accepted.

The condition and the age of prospective members are a major factor in the determination of whether they would make it to the register.

Malta’s register listed various types of vessels, including cruise liners like the Royal Caribbean, and super yachts, which registered an increase of 18.6 per cent over the previous year.

Malta registered the lowest rate of inflation in the euro area in December, according to data issued by Eurostat.

The EU’s statistics office said the island’s inflation stood at 1.3 per cent, 1.4 per cent below the average in the 17-member eurozone.

The rate of inflation in December was, in fact, the lowest registered in Malta for the year, after the island registered a significant four per cent inflation in 2010.

Across the EU, the lowest annual rate of inflation last month was seen in Sweden (0.4 per cent) and Malta and Bulgaria (two per cent), while the highest was in Slovakia (4.6 per cent), Poland (4.5 per cent) and Cyprus (4.2 per cent).

Fuel used for transport, heating oil and gas and electricity once again had the largest upwards impact on the EU’s inflation rate.